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Automotive Battery Market Will Grow at a CAGR of 5.3% During Forecast Period 2017-2024|Industry Outlook By Size, Share and Revenue

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Automotive battery is widely used for starting, lighting and ignition purposes in automobiles. These batteries also provide voltage supply to vehicle accessories such as radio, music players, air conditioners, wipers and charging plugs. Increasing vehicle production coupled with rising adoption of vehicle electrification are anticipated to be the major factors that will create vast opportunities for key players in automobile lead acid battery market.

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Market Size and Forecast

The global automotive battery market is expected to grow at a CAGR of 5.3% over the forecast period i.e. 2017-2024. The automotive battery market is driven by various factors such as increasing number of automobiles on road, rising infrastructure and as well as rising urbanization.

Regionally, Asia-Pacific and North America regions constitute the largest market. Asia-Pacific accounts for the highest market share in terms of revenue. Further, Asia-Pacific is anticipated to witness significant growth owing to rapid industrialization accompanied by increasing manufacturing activities in this region by the end of 2024. The major countries witnessing the demand for automotive battery are China, India and Japan. Furthermore, Asia-Pacific automotive battery market is believed to witness a robust growth on the account of increasing automotive sales in India and China. In addition, China ranks the fastest growing automotive battery market owing to the highest global demand for both commercial and passenger vehicles.

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Asia-Pacific region is to be trailed by North America and Europe. North America holds the second largest share in automotive battery and is likely to exhibit high growth avenues with U.S. automotive battery market. Further, increasing research and development in automotive battery along with government initiatives for electric vehicles in this region are the factors propelling the growth of automotive battery. Europe market for automotive battery is expected to witness a robust growth over the forecast period. Moreover, Germany and U.K are anticipated to capture the largest share in the automotive battery market in this region over the forecast period. Middle East and Africa and Latin America region is also projected to fuel the demand for automotive battery over the forecast period.

Leading Key Players of Global Market:

Tesla Motors, Douglas Battery, East Penn Manufacturing Co., Exide Technologies, Fengfan Co. Ltd., Johnson Controls Inc., The Furukawa Battery Co., Zhejiang Haijiu Battery Co., Zhejiang Narada Power Source Co., Fiamm SPA, Chaowei Power Holdings Ltd., Hitachi Ltd. and other key players.

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Growth Drivers and Challenges

Riding on the back of growing automotive industry, the automotive battery market is anticipated to show a tremendous growth over the forecast period. Further, rising demand for vehicles such as trucks, cars, two-wheelers and others are envisioned to bolster the growth of global automotive battery market. Moreover, increasing environmental concerns coupled with inadequate oil prices has forced the consumers across the globe to use electric powered vehicles. Governments from various countries are also promoting the adoption of alternative fuel vehicles to reduce the dependence on oil imports; thus, automotive batteries are also widely used in electric powered vehicles. This is believed to foster the growth of automotive batteries over the forecast period.

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Further, integration of features in automobiles like hands free calling, state of art sensors and car infotainment system have flourished the demand for automotive battery. Moreover, the new fuel saving technologies such as smart hybrid vehicle system (SHVS) are also leading to higher battery usage. These factors are envisioned to bolster the growth of automotive battery market.

Likewise, rising personal disposable income of developing economies such as India and China has increased the sales of two wheelers in these highly populated countries owing to high preference of such vehicles as a mode of transportation, which will further boost the growth of automotive battery in these countries. However, automotive battery industries require high energy consumption and are responsible for pollution. Further, government regulations associated with the environmental concerns can restrain the market growth of automotive battery over the forecast period.

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